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<br />., <br /> <br />1. The User is hereby allocated _ AF (or _ %) of permanent storage space in' <br />Chatfield Reservoir (based on an assumed total available space of 20,600 AF) if <br />such total storage space becomes available as a result of the FCSA Study. If all <br />obligations of tbis Letter of Commitment are fulfilled, upon execution of this <br />agreement, the percentage allocated to User, as shown on Exhibit "A", shall not <br />be diminished. <br /> <br />2. User states that its use of the reallocated storage space in Chatfield Reservoir will <br />have the following type and location of use: <br /> <br />a. Type ofuse: <br /> <br />b. Location ofuse: <br /> <br />User agrees that it will limit its use of the reallocated starage space in confonnity <br />with these descriptions. <br /> <br />3. The State finds that User presently has adjudicated water rights or is capable of <br />acquiring and holding water rights allowing storage in Chatfield Reservoir, is an <br />existing and recagnized gavernmental entity, mutual ditch company or private <br />water camp any or provider presently providing water service to its customers and <br />is financially capable afmeeting the financial obligations in this Letter of <br />Commitment for local funding and storage space acquisition. <br /> <br />4. User agrees to pay an initial deposit of$ 25.00 per acre foot of allocated starage <br />space far its proportional share of the lacal FCSA Study costs. The curreIit <br />estimate of local costs for completion of the FCSA Study is $515,000. User shall <br />pay its initial depasit an arbefare June 30, 2005. These funds will be paid to the <br />Colorado Water Canservation Board's Chatfield Reallocation FCSA Study Fund <br />and such fund shall be held by the State for the exclusive use of this project. User <br />acknowledges that the local costs of the FCSA Study may exceed the $515,000.00 <br />estimate and that there may be a need for additional local matcbing funds to <br />complete the FCSA Study. User agrees to pay up to' an additional $10.00 per <br />acre foat of allocated storage space within 30 days of a request by the State. If the <br />fmallocal costs of completion afthe Study are less than the amount deposited by <br />the Users with the State, the State shall refund to' each User its partion of the <br />excess funds paid to the State. <br /> <br />5. User may opt out oftbis Agreement and cancel its share ofreallocated space at <br />any time in accordance with tbis paragraph 5. The State and the User agree to' the <br />